Aifa should grasp great opportunity

12 November 2009

I was appalled at Chris Cummings’ stance over the retail distribution review. It shows that Aifa has no interest in improving the standard of the profession.

If Chris Cummings had one ounce of grey matter between his ears, he would grasp the RDR as the greatest opportunity to ensure that the people providing financial advice have the knowledge and qualification to prove their ability.

There is nothing like a qualification for focusing one’s mind. A great advan-tage accrues from professional qualifications.

People without qualifications think twice before they do something stupid in the knowledge that they could be excluded from the professional body. Come on, Chris, stop being stupid. Instead of opposing the qualifications, encourage your members to get them. The industry will never be taken seriously without professional standards.

This crazy stance proves the ineffectiveness of trade bodies. A few of the mad fringe set the agenda to the detriment of the majority.

However, until you get a trade body with a united stance, the retail end of our industry will never have an effective lobby.

You can rest assured that all changes to the RDR will be directed by the life companies which at least have a united stance. It will be a real shame if the RDR is watered down, as every other change has been.

Peter HargreavesChief executive Hargreaves Lansdown

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